Is 'Uptober' Over? Bitcoin Stalls Below $85K as Yields Hit 24-Year High

• Bitcoin stalled below $85,000 on Oct. 7 as buyers failed to turn the level into support, and large-cap altcoins fell 3% to 5% on the day.

• The 10-year Treasury yield reached 5.307% on Oct. 7, its highest level in 24 years, while the 30-year yield rose to 5.688%, ahead of a 10-year note auction and the release of the September FOMC minutes.

• Traders are pricing a 78% chance that the US Federal Reserve holds rates at its next meeting, according to the CME FedWatch Tool, with the US midterm elections less than 30 days away.

Bitcoin’s (

) climb toward new 2026 highs paused as bulls struggled to turn the $85,000 ceiling into support. Large-cap altcoins also fell 3% to 5% on Oct. 7 as the wider crypto market looks primed for a breather after a strong September. 

Bond yields are the clear factor weighing on crypto momentum. On Oct. 7, the 10-year Treasury yield hit a 24-year high of 5.307%, and the 30-year rose to 5.688%. This added to investor fears ahead of Wednesday’s 10-year note auction and the release of September FOMC minutes. Investors are now pricing in a 78% chance that the Fed will hold rates steady at its next meeting, according to the CME FedWatch Tool.  

Beyond the